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Introducing Data Migration 

When deciding to shift your accounts from one platform to another, one of the foremost concerns businesses have is about their past financial data. Businesses maintain their financial data in different ways – some might use accounting softwares, while others may maintain their records on excel or even manual ledgers.  With Metric’s new “Data Migration” feature,  you can now shift all your past data to Metric hassle free!All you have to do is get in touch with us through the app and our team will help you import your existing account records into the app. How does Data Migration work? Go to the menu tab from the homescreen of the Metric and select the Data Migration option. Press the Get In Touch button which will redirect you to Metric’s whatsapp number. Once redirected, select Data Migration from the already given options or simply message – ‘I want to migrate my data.’ and send the message. Once we get your message, our experts will get in touch with you and lead you through the process of migrating your data to Metric.  In simpler words, all you need to do is get in touch with our team of experts through the app by simply tapping on the ‘Data Migration’ button in the menu and we will take care of the rest It’s that simple.  Benefits of Data Migration

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Introducing Add/Save Product

You often need to get things done on time, as quickly and efficiently as possible. It can be a hassle to re-enter your information every time you add an income for a product. Imagine you’re in a hurry and need to urgently add an income for a specific product. You open the app and see the list of necessities you now have to manually enter for the 100th time. Annoying right?  Now you’re wondering, ‘well yeah, that can be annoying, but what can we do, right? It’s a necessary step we can’t skip.’  We’re happy to say you’re wrong. You can now skip this step and directly jump to your destination. This is possible because Metric has now introduced an Add and Save Product Detail. The Metric team works hard and diligently to ensure users get the best experience while using the Metric App.  How does this Add/Save Product work?  After you add a product to the Metric app, you need to follow its instructions initially. Simply typing in basics is all that will be required. Add the items as per your need. After you have added the information of the specific product or products, you simply let the Metric app save that information on the app itself.  For each product you add to the Metric app, it will save the information accordingly. There won’t be a hassle to re-enter information each time you want to add an income for a specific product.  Now that your information is auto-saved on the Metric app, you need to select the product you wish to work with and autofill the necessary information.  This way, you’ll be working much more efficiently and quickly. It saves you time and relieves you from the pressure of remembering specifics for multiple products and incomes.  Benefits of using Add/Save Product

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How to Respond to Changes in Customer Spending in 2022?

We have drafted this article to share with you some strategies that you can implement to use shifts in customer spending in your favour. To know what are these changes in customer behaviour, you can have a look at this article. We understand neither these times, nor realigning your company would be easy, but Metric has your back. We are here to help you tackle these challenges and adapt to shifts in customer behaviour.  Ideal Response to Shift in Consumer Spending with Metric’s Insights Now that we know a few shifts in consumer mindset and behaviour, how can a business manoeuvre their product to do better with this knowledge? Here are a few tips and tricks your business can implement to not only keep yourself afloat but to prosper amidst inflation.  We noticed that all products are not disdained by consumers in an economic crisis. Beauty, home, and sports products saw a hike during covid, local brands sold more during inflation and import bans, and similarly, every crisis is a high time for some category of products. To capitalize on this type of product demand, you may need to change up your marketing. Your business might be offering a product that customers can get interested in. To keep up with consumer spending in 2022, you need to refresh the way you appeal to your target market. Inclusivity, involving customers in advertising, and keeping up with the social trends are some of the ways to stay relevant and desirable for the customer.  Metric provides assistance to new businesses struggling to make the right marketing decisions. The app offers strategic insights based on your business’s financial outlook. These insights facilitate you to make confident marketing decisions to grow your business.  Restricted consumer spending might lead you to a surplus product stock and limited cash flow. This is the best opportunity to offer discounted pricing. However, don’t let the discount lead you to loss. Decide a discount amount that gives profits, specify a discount period and advertise a lot preferably on social and digital platforms. This will not only keep your cash flowing but also lets you get rid of existing stock so you can invest in introducing more crisis-relevant products.  Metric analyzes similar businesses in the region and strategies of other businesses to deal with a situation to provide you customized insights. These insights include appropriate times to offer discounts and sales. Since Metric Insights are data-driven, they have a high chance of yielding the required results.  These changes in marketing strategies might work, or might not. At the end of the day, it’s an inflation period and low demand is assured. Amidst trying new strategies, your business must focus on cutting internal costs. Metric provides accurate data on your financial situation, enabling you to analyze costs that could be temporarily or permanently cut. You can refer to our article “How to deal with Inflation” to see more tips on surviving inflation financially.  Economic crisis and inflation affects business in two ways regarding Speed of Orders. Either the low demand leaves the business in surplus inventory or people shift to your product but you can’t manage the sudden demand and fail. The way to deal with this unprecedented situation is to optimize the speed of manufacturing according to real-time data of products sold. Metric’s cloud-based software provides minute-by-minute data of your transactions thus letting you be on top of your business.  As briefly discussed, a mass shift to your product could be an opportunity or loss based on your reaction. If the price hike makes customers shift to your product in large numbers, and you are unable to entertain the demand ending up out of stock most of the time, you’ve lost a golden opportunity. These are not your loyal customers who would wait for you to restock. These customers are on the look for cheaper available alternatives. In order to keep these customers you have to speed up your production massively and make these converts loyal to your brand.  The purpose-driven customers expect the brands they buy from, to bring value to the world. Small initiatives like employing transgenders, maintaining an equal gender representation in your company, dedicating a part of your profit to a cause, depicting inclusivity in terms of culture, race, gender and social backgrounds, being eco-friendly, promoting positivity, and raising awareness on mental health or other causes are some of the many ways you can show your values and incorporate it in your business vision. Metric can help in this domain by keeping you aware of what your competitors are doing and what are the popular trends these days. You can also benefit from Metric’s network regarding strategically incorporating values into your marketing and vision.  To grow your business you must have a detailed understanding of customers, creating moments that matter for them through personalization. Metric through its advanced analytics to identify the interests and behaviour of your customers. The forecasting models of Metric would enable you to locate the growing buying power of customers so you can timely act to capture demand, win new customers, and reinforce the trust and loyalty of existing ones. Rethinking ecosystems and partnerships are crucial for dealing with the pace of change, complexity, and disruptions necessary to achieve extraordinary impact. Build your ecosystem on a foundation of trust, where systems and processes are integrated to make decisions dynamically.  Whether you’re a product-based business or a service-based, these steps can help you be relatable, reliable and available to your existing consumers while gaining new ones even through crisis. Metric can enhance your growth in more ways than by providing business insights. Head over to our website to know all the features metric app provides, and get on to a growth journey with us. 

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How is artificial intelligence (AI) changing the accounting industry?

Artificial Intelligence is the most disruptive technology of our generation. When the concept was conceived, many believed this scientific wonder would not see daylight in our lifetimes at least, and here we are living in the era of AI. Technologies progress fast, but this fast no one could’ve predicted. Today, AI has made its way into a multitude of industries.  “The ability of a digital computer or computer-controlled robot to perform tasks commonly associated with intelligent beings … such as the ability to reason, discover meaning, generalize, or learn from past experience.”  ~ Definition of Artificial Intelligence by Britannica Every development in computers brings up the question “Will computers replace humans?” However, this question is inevitable when it comes to AI. Creativity and Intelligence, core features that distinguish man from computer, have now been acquired by computers. Technology has always threatened human jobs, be it industrial revolution threatening textile workers and labourers’ livelihoods, or self-driving cars leaving drivers jobless.  But AI, for the first time puts white collar jobs in danger, and it has surely instigated conversations.  Whenever such a situation comes, you have two options: protest or adapt. History shows, protests couldn’t stop a technology, so clearly the better option is to timely adapt. The potent combination of big data and artificial intelligence is set to transform traditional accounting and finance roles.  AI to transform Accounting According to Accenture Consulting, Robotic Process Automation will reduce costs by 80 per cent and the time required to perform tasks by 80 or 90 per cent, with these results not integrating AI in accounting is not an option. This disclosure raised the question “Would AI make accountants redundant?” Up to some extent, this might even be true, though there are different aspects to it.  Professor Moshe Vardi in a webinar on “AI and the future of accountancy” suggested that complete automation can not be expected, however, tasks would be reshuffled, more routine ones being automated while others won’t. He further elaborates that the challenge this brings is the automation of entry-level jobs of accountants, but roles requiring decision-making and judgements seem not to be in threat any time soon.  These developments could either make accountants hopeless of their future, or make them think innovatively. Accountants are known to adapt well to development of technology, as new software, rules and financial practices keep introducing. While others might see it as a threat to their profession, the team of Metric saw it as an opportunity to develop a cloud-based AI-incorporated accounting app. Such softwares and apps have been introduced out of Pakistan for a while now, but Metric is the first one to get fame among small businesses in Pakistan.  How does AI benefit the Accountancy industry? There are a lot of ways AI can help make developments in the way we do accounting today. Some of them being: How does Metric incorporate AI? Accounting software and apps like Metric are currently offering capabilities to automate data entry, and reconciliations, helping eliminate accounting errors and reduce liability to facilitate business owners to move to a more advisory role. Metric app automates routine, repetitive and mundane tasks like data-entry, invoices, bill charges and payrolls for your business. This empowers executives to use actionable data to make business decisions to meet both customer and business demands. The three major problems Metric’s automated accounting solves for business founders are these: The metric app provides the real-time status of financial matters. This has become possible only because AI enables faster processing of documents using natural language processing and computer vision that makes daily reporting possible and inexpensive. This feature helps in timely shifts and pivots if the real-time data suggests unfavourable trends.  Accounting has a strict set of rules and regulations to which every business complies. These include many internal corporate, local, state and federal regulations that must be followed. Metric uses AI-enabled systems that help support auditing and ensure compliance by being able to monitor documents against rules and laws and flag those with issues. AI lets the system sift through loads of data and identify any suspicious or out-of-law activity. This efficiency, speed or accuracy could not have been possible with human workforce.  AI-powered accounting systems that have centralised access to enormous amounts of dispersed data can make client audits manageable and efficient. SInce Metric app makes financial information accessible at all times for its customersThis helps auditors to obtain, organise, synthesise and offer value-added analysis on how to conduct the best audit for a client with optimal financial outcomes. Metric app is able to provide customised business insights to its customers as a result of big data and streamlined auditing. The two most powerful features of AI in accounting are Predictive and Prescriptive analytics. Predictive analytics forecast future outcomes whereas Prescriptive analytics provide raw data to weigh one financial decision against another. These data-backed insights empower businesses to be more productive and profitable.  Double-entry bookkeeping uses multiple accounts to record transactions. Some transactions are supposed to go in accounts payable, while others are assets or liabilities. Artificial intelligence can speed up the matching of purchase orders, packing slips, and invoices. This technology streamlines the process of accounts payable. It can also automate approvals and search duplicate invoices to avoid overpayments. How to deal with the takeover of AI? AI has crept into our daily lives without us really noticing it. From seeing relevant ads, using face unlocks on devices to using Siri and self-driving cars, AI has impacted the tiniest to biggest aspects of our lifestyles. AI is here to stay, and it is poised to disrupt not just how we live our personal lives but how we work and the broader business landscape as we know it.  Artificial intelligence is rapidly becoming a part of more businesses’ daily operations. According to a study by Big Four firm PwC, 72% of business decision-makers say implementing AI lets their employees focus on more meaningful and creative work. Using AI to your benefit is the only

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Changes in Customer Behaviour Post-Covid and amidst Inflation

According to data released by the Government of Pakistan, consumer prices rose 13.8% this month from a year earlier. The sudden price hike of fuel and groceries particularly has put us all in a state of panic. Pakistan resides a diverse range of socio-economic classes. While some might not be affected by inflation, some lower their living standards, and others are fighting for survival. One thing that inflation and economic downturns bring is a shift in consumer spending, be it any class. History proves even in severe economic downturns and recessions, some companies are able to gain an advantage.  No two downturns are exactly alike, thus every recession puts marketers in uncharted waters. Although analyzing companies’ strategies that either propelled or undermined their performance through previous recessions and especially covid crisis helps. As a business founder operating in such circumstances, it is your prime goal to identify your customer base, understand the evolving consumption patterns and fine-tune your strategies accordingly.  Before we go on to discuss the shifts in spending behaviours of customers, we must acknowledge all socio-demographics within our country would react differently to inflation and economic downturns. The population of Pakistan consisted of mainly three income classes, that are upper, middle and lower.  A study on the Impact of Inflation on different socio-economic classes A study was conducted in the financial hub of the country, Karachi, surveying people from all three of the mentioned classes. The descriptive statistics discovered that inflation caused a compromising change in the behaviour of consumers from the lower class in terms of the buying capacity and shift to local brands. The study further found little change in both these dimensions among the consumers from the middle class. However, the study did not find any large change in the behaviour of the consumers from the upper class. It concludes that income level is the real determinant of consumer behaviour while inflation is merely a catalyst. Adaption of local products is highest during Inflation The above-mentioned study regarding the impact of inflation on different socio-economic classes shows a shift to local brands among the lower and middle classes. Since the majority of our population lies in these 2 categories, inflation seems like the ideal time to introduce good-quality alternatives to renowned expensive products. Since people are already looking for cheaper alternatives, your product has a high chance of succeeding.  Digital Spending growth among Millennials and High-Income Citizens Once covid became more of a lifestyle than a life threat, the trend of online shopping saw an all-time high all around the globe. Pakistan was no exception in adopting the new-age trends from e-commerce to last-mile deliveries. Though it might have started off as an emergency response to circumstances, the digital future is here to stay. If your company doesn’t have a digital presence that too an active one, your future is arguable.  Loyalty Shake-up A surprising result of the pandemic was an unprecedented level of channel switching and brand loyalty disruption. Gen Z and high earners are most prone to switching brands. Among these, 36 per cent of consumers trying a new product brand and 25 per cent incorporating a new private-label brand as per a report by McKinsey. Most of these converts have continued using these new brands even after the covid crisis. Among other causes including availability, price, and quality, the most common reason for this switching is the reflection of their personal values.  This brings us to our next point, which is purpose-driven consumers.  Purpose-Driven Consumers Purpose-driven consumers, who choose products and brands based on how well they align with their values, now represent the largest segment (44%) of consumers. Society has recently become highly accountable, where celebrities are judged on their opinions and values, and so are brands. Today’s customer chooses brands that depict their values through campaigns or highlighting social issues.  Sustainability The increasing discussions on green living when joined with economic instability, make people more vigilant of the sustainability of the product they are buying. Customers now prefer sustainability over fast fashion. Recycled raw material, zero-waste, increasing shelf-life and re-usable products are most preferred by particularly educated young customers.   Hygiene Transparency Among many things covid taught us, one is the hygiene transparency of services. Though covid has subsided, a new wave can emerge anytime, thus people dining out or availing of other services expect a highly hygienic setup. Restaurants that opened up their kitchens for customers to come and see their working conditions received admiration and popularity both.   Cutback of Non-Essentials  As an individual, the first step we take to survive inflation is cutting down on non-essential items. But the thing is what we consider necessity and luxury. Some brands make their products in a way that builds a narrative of that product being an absolute necessity.  For example, for the longest time, I considered my organic curl shampoo a necessity. The number of benefits it has over ordinary shampoos along with the ads showing what my hair would look like if I stopped using it, I was convinced I needed it no matter what. However, now that I analyze it, it’s all just great marketing that makes me consider an expensive shampoo a necessity. This is the power of great marketing.  Rise of Homebody Economy Surveys showed a huge rise in furniture, home decor and other home-related products amidst the worst of the pandemic. The time people spent at home made them redecorate and equip their houses with more entertainment options. Along with these, there was also a hike in sports apparel and stationery items. When outside activities were restricted people shifted to in-home projects and activities thus increasing the demand for such items.  Similarly, inflation restricts spending on luxury products, services and entertainment. But, everyone needs something to do, and people would probably shift to cheaper entertainment options. This would give rise to some industries, businesses that can provide such items would make money out of this inflation.  Invest in Outdoor Activities The past two years have

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